Turkmenistan adopts new insurance regulations

By  Trend

A procedure for determining the amount of insurance coverage (compensation) payable, depending on the severity of the damage has been approved in Turkmenistan, Trendreports with reference to a published presidential decree.

The document was signed in order to improve the national insurance activity. In this regard, the resolution dated 1992 on approval of the "Procedure for determining the severity of damage for the payment of compensation on compulsory state insurance of passengers of air, rail, sea, inland waterway and road transport" has been simplified.

The State Insurance Organization of Turkmenistan has a wide network in the country with over 40 branches. The organization is expanding partnerships with leading international insurance and reinsurance companies, as well as insurance brokers.

The country has a law "On Insurance", which defines it as a direction of business, and also regulates the system of relations in the insurance market, establishes the legal, economic and organizational basis for state regulation and supervision of activities in this area.